St Albans

estate planning and probate law

Probate & Estate Administration Law:

When someone passes away and leaves a will behind the heirs will need to claim what belongs to them through the probate legal process. This process takes place at the Surrogate Court. This process can be very difficult without an attorney so it may be a good idea to seek legal help. In the event that someone did not leave a will behind the law of the state will decide where their funds go. The process of trying to claim assets without a will is called “estate administration”.

 

Speak to a St Albans probate lawyer today for a free phone consultation at 347-766-2685.

Planning An Estate And Your Future

There are many complex issues that face people as they come closer to the golden years of their life. First one must worry about their own security and long-term healthcare. It is important to plan what one would do if they become weak or ill. It is important to understand how an estate is taxed before and after death so that the funds can be allocated properly. It is of course very important to write a clear will that will not leave any question marks or conflicts for your loved ones.

Speak to a St Albans Estate Planning lawyer today in the 11412 area for a free phone consultation at 347-766-2685.

Estate Planning Tips For St Alban Residents

2 Common Estate Planning Mistakes

Estate planning can be tricky and the average person is not equipped with adequate knowledge

to work with the system on their own. Make sure you get help from a competent lawyer that you

know has your best interests in mind otherwise you risk making these common mistakes.

? Assuming a will is enough

Most people assume that a will is all somebody needs to properly disburse our estate. For most

people, this is not the ideal choice. A will leads to probate court. There is no way to disburse an

estate left within a will without having to go through probate.

The executor will need to get an attorney and that attorney is likely to charge a percentage of

the estate as their fee regardless of how much time is spent. The probate process can last for

years and is also a public matter. This means that anybody interested can see your entire estate

which include business competitors. The fees involved in probate is expensive. Details need to

be published within newspapers. A will is easily challenged even without the help of a lawyer.

Trying to sell real estate through probate is very hard and usually leads to properties being

sold below its market value. There are also many instances of long probate cases causing

arguments between heirs as they are usually anxious to get their share.

Your wishes will be subject to the interpretation of a judge in probate court and they usually

prioritize your children’s welfare above all else. There is a good chance your wishes will not be

followed.

There is a common misconception that wills are cheaper than living trusts. While wills are

relatively cheap, you will need something more than just that, Once you include all of the

provisions needed, it can likely cost just as much as a living trust. It’s true that a will can almost

do everything a living trust can but if your will is as complete as your trust, it won’t be cheap and

your estate will still go through probate.

A living trust will only take weeks to disburse rather than years, it is completely private and will

make sure all your wishes are followed. There is no need for courts or attorneys and you can

sell real estate assets with no problems.

? Leaving substantial gifts to heirs who aren’t ready

This mistake is very common. Most people assume the will reach an old age and that their

children will be mature enough to manage their inheritance. The problem with this is that any

unexpected illness or accident can lead to the distribution of your estate to your 20 year old son.

There have been several estates wasted in the span of a couple of years because of immature

heirs.

With a trust, you will be able to protect your heirs from themselves or overbearing spouses. You

can make the inheritance usable for college or for the purchase of a house. You’ll also be able

to protect heirs with special needs.

 

If you live in the  St. Albans NY Area and need help planning an estate you can call us now for a consultation.